Latest news with #DanielCopley
The Independent
2 days ago
- Business
- The Independent
Three areas where property values have doubled in two decades
UK house prices have increased by 74 per cent in the last 20 years, adding more than £150,000 to the average property value, according to Zoopla. London has seen the biggest increase, with average house prices more than doubling (119 per cent) in the last 20 years, while the North East of England saw a more modest rise of 39 per cent. In Kensington and Chelsea, Elmbridge, and St Albans, average property values have more than doubled in the past two decades. Zoopla 's research indicates that more than half (52 per cent) of people would consider moving back to where they grew up, but rising prices, especially in the South East and eastern England, make it financially challenging for many. Consumer expert Daniel Copley from Zoopla notes that while some areas have seen dramatic increases, house prices in northern regions have risen more slowly, potentially making a return to their roots more attainable for some. How much house prices have risen over 20 years revealed – as one area jumps 124%
Yahoo
22-05-2025
- Business
- Yahoo
Average first-time buyers in London need almost £140,000 for a deposit
A small fortune separates what first-time buyers think they need for a deposit from reality. In London, this gap is almost £100,000. Nationally, the typical deposit for a first-time buyer stands at £56,700 based on an average property price of £259,700. However, would-be homeowners expect to save just £27,600 — less than half the actual amount required, figures from property site Zoopla show. In London, where property values are the highest in the country, the divide is particularly stark. First-time buyers believe they need a deposit of £39,800, yet the true figure is closer to £138,800 — a £99,000 disparity. Read more: Elizabeth Line drives rents up 31% in three years The South East follows a similar trend. Buyers in the region expect to put down £22,800 — a shortfall of £45,600. Northern Ireland stands out as the only part of the UK where perceptions actually exceed reality. Here, first-time buyers estimate a deposit of £42,000, compared to the actual average of £39,000. Daniel Copley, a consumer expert at Zoopla, said: 'Home ownership clearly plays an important role in the aspirations of UK adults. However, achieving this ambition is challenging due to the considerable affordability gap, with our data highlighting the significant disconnect between what first-time buyers believe they need to save for a deposit and the actual amount required. "This underscores that affordability is a central pillar in people's home-buying decision-making process. Aspiring homeowners should engage with a qualified mortgage broker early on. "They can provide essential guidance on deposit requirements, affordability thresholds and available financing options, ensuring buyers are well-informed as they embark on their property journey." Read more: More interest rate cuts in doubt after surprise inflation surge The affordability crisis is most acute in southern England, where homes in eight of ten towns are valued at more than four times average annual incomes. In contrast, the outlook is more optimistic in northern regions, where 43% of respondents said they believe homeownership is achievable within five years, compared with just 34% in the South. Despite a strong cultural emphasis on homeownership, financial pressure continues to dampen ambition. Nationwide, 73% of those surveyed said that the cost of buying a home in their region makes it harder to prioritise ownership. That figure rises to 77% in the West Midlands and 82% in London. Among millennials, only 9% believe they can realistically prioritise homeownership in their area. Meanwhile, some first-time buyers had more than £50,000 to put towards the cost of their property in 2022-23 after saving into Lifetime Isas, according to HM Revenue and Customs (HMRC) figures. Lifetime Isas, or Lisas, were launched to help people get a foot on the housing ladder or help them save for later life. Read more: Rachel Reeves rules out cutting ISA limit but remains vague on cash savings A freedom of information (FOI) request made to HMRC by money app Plum found that the top 25 Lisa withdrawals made to buy a home in the financial year 2022-23 averaged £51,000. People can save up to £4,000 per year into an Isa up to the age of 50, and the government will add a 25% bonus to savings, up to £1,000 per year. Savers making withdrawals for any other reason than buying their first home or saving for later life face a withdrawal charge of 25%. If someone is using a Lisa for their first home, the property must cost £450,000 or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Automotive
- Yahoo
UK hotspots with highest demand for homes with garages
Analysis by property portal Zoopla has revealed the areas in the UK experiencing the highest demand for homes with a garages, along with the average asking prices for these properties. Zoopla highlighted that garage was the second most searched keyword on its platform in both 2023 and 2024, with the keyword "double garage" entering the top §five terms for the first time last year. "This sustained level of interest suggests that a garage is not just a desirable feature but a significant priority for the vast majority of home buyers," Zoopla said. Despite the expansion of London's Ultra Low Emission Zone in 2023 — where a daily charge is applied to vehicles that don't meet certain emissions standards to drive in the zone — four of the city's boroughs featured in the top 10 UK areas where demand for a garage is the highest. "Parking is often restricted in bigger cities like London, making garages a valuable asset for homeowners in the capital," Zoopla said. "Additionally, in a city where space comes at a premium, some homeowners may see an opportunity to utilise garages for extra storage or additional living and work areas." Read more: Rightmove and Nationwide launch property lending checker Zoopla found that the London Borough of Barking and Dagenham is experiencing the highest demand across the UK for homes with a garage. The average asking price in the borough for a home with a garage is £500,000, compared to £371,000 for a typical property in this area. Leicester, in the East Midlands, saw the second highest demand in the UK. The average asking price for a home with a garage in Leicester is £325,000, compared with £262,000 for a typical home in the area. For those looking to buy homes with a garage for less of a premium, Zoopla also highlighted the areas where these types of property are the cheapest in each region. Hull, in Yorkshire and the Humber, topped the list, with the average asking price for a home with a garage in this area standing at £180,000 — £30,000 more than the asking price of a typical property. This was closely followed by Blackpool, in the North West, where the average asking price for a home with a garage is £185,000, compared to an asking price of £139,500 for the typical property. Read more: UK house prices rise for the first time since January Barking and Dagenham and the borough of Bexley were both found to be the areas with the cheapest average asking prices for homes with a garage, at £500,000. However, Zoopla found that demand for these types of homes in Bexley was lower and the asking price of a typical home in the borough was £450,000. Daniel Copley, consumer expert at Zoopla, said: "Our data paints a clear picture: for many homebuyers, a garage isn't just a nice-to-have, it's a serious priority, consistently ranking as one of the most sought-after features on Zoopla." "The intense demand we're seeing in areas like Barking and Dagenham, and Leicester, very much underscores the premium buyers are willing to pay for that secure parking or extra space, particularly in densely populated urban centres where parking is often a headache." Toby Leek, president of estate agents' professional body NAEA Propertymark, said: "There is a continued increase in people looking for garages and parking spaces as the number of drivers on the road rises, and trends such as having space for electric vehicle charging at home grows in popularity. "Alongside this, the surge in desire for outside space post-pandemic is pushing more buyers to pursue larger properties with driveways, garages and gardens, moving away from apartments and flats." Read more: Pension funds deal to back £50bn of investment for UK private markets and infrastructure Bank of England interest rate-setters want inflation down before more cuts Why it's important to plan for retirement with your partnerSign in to access your portfolio
Yahoo
15-05-2025
- Automotive
- Yahoo
UK hotspots with highest demand for homes with garages
Analysis by property portal Zoopla has revealed the areas in the UK experiencing the highest demand for homes with a garages, along with the average asking prices for these properties. Zoopla highlighted that garage was the second most searched keyword on its platform in both 2023 and 2024, with the keyword "double garage" entering the top §five terms for the first time last year. "This sustained level of interest suggests that a garage is not just a desirable feature but a significant priority for the vast majority of home buyers," Zoopla said. Despite the expansion of London's Ultra Low Emission Zone in 2023 — where a daily charge is applied to vehicles that don't meet certain emissions standards to drive in the zone — four of the city's boroughs featured in the top 10 UK areas where demand for a garage is the highest. "Parking is often restricted in bigger cities like London, making garages a valuable asset for homeowners in the capital," Zoopla said. "Additionally, in a city where space comes at a premium, some homeowners may see an opportunity to utilise garages for extra storage or additional living and work areas." Read more: Rightmove and Nationwide launch property lending checker Zoopla found that the London Borough of Barking and Dagenham is experiencing the highest demand across the UK for homes with a garage. The average asking price in the borough for a home with a garage is £500,000, compared to £371,000 for a typical property in this area. Leicester, in the East Midlands, saw the second highest demand in the UK. The average asking price for a home with a garage in Leicester is £325,000, compared with £262,000 for a typical home in the area. For those looking to buy homes with a garage for less of a premium, Zoopla also highlighted the areas where these types of property are the cheapest in each region. Hull, in Yorkshire and the Humber, topped the list, with the average asking price for a home with a garage in this area standing at £180,000 — £30,000 more than the asking price of a typical property. This was closely followed by Blackpool, in the North West, where the average asking price for a home with a garage is £185,000, compared to an asking price of £139,500 for the typical property. Read more: UK house prices rise for the first time since January Barking and Dagenham and the borough of Bexley were both found to be the areas with the cheapest average asking prices for homes with a garage, at £500,000. However, Zoopla found that demand for these types of homes in Bexley was lower and the asking price of a typical home in the borough was £450,000. Daniel Copley, consumer expert at Zoopla, said: "Our data paints a clear picture: for many homebuyers, a garage isn't just a nice-to-have, it's a serious priority, consistently ranking as one of the most sought-after features on Zoopla." "The intense demand we're seeing in areas like Barking and Dagenham, and Leicester, very much underscores the premium buyers are willing to pay for that secure parking or extra space, particularly in densely populated urban centres where parking is often a headache." Toby Leek, president of estate agents' professional body NAEA Propertymark, said: "There is a continued increase in people looking for garages and parking spaces as the number of drivers on the road rises, and trends such as having space for electric vehicle charging at home grows in popularity. "Alongside this, the surge in desire for outside space post-pandemic is pushing more buyers to pursue larger properties with driveways, garages and gardens, moving away from apartments and flats." Read more: Pension funds deal to back £50bn of investment for UK private markets and infrastructure Bank of England interest rate-setters want inflation down before more cuts Why it's important to plan for retirement with your partnerError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Automotive
- Yahoo
UK hotspots with highest demand for homes with garages
Analysis by property portal Zoopla has revealed the areas in the UK experiencing the highest demand for homes with a garages, along with the average asking prices for these properties. Zoopla highlighted that garage was the second most searched keyword on its platform in both 2023 and 2024, with the keyword "double garage" entering the top §five terms for the first time last year. "This sustained level of interest suggests that a garage is not just a desirable feature but a significant priority for the vast majority of home buyers," Zoopla said. Despite the expansion of London's Ultra Low Emission Zone in 2023 — where a daily charge is applied to vehicles that don't meet certain emissions standards to drive in the zone — four of the city's boroughs featured in the top 10 UK areas where demand for a garage is the highest. "Parking is often restricted in bigger cities like London, making garages a valuable asset for homeowners in the capital," Zoopla said. "Additionally, in a city where space comes at a premium, some homeowners may see an opportunity to utilise garages for extra storage or additional living and work areas." Read more: Rightmove and Nationwide launch property lending checker Zoopla found that the London Borough of Barking and Dagenham is experiencing the highest demand across the UK for homes with a garage. The average asking price in the borough for a home with a garage is £500,000, compared to £371,000 for a typical property in this area. Leicester, in the East Midlands, saw the second highest demand in the UK. The average asking price for a home with a garage in Leicester is £325,000, compared with £262,000 for a typical home in the area. For those looking to buy homes with a garage for less of a premium, Zoopla also highlighted the areas where these types of property are the cheapest in each region. Hull, in Yorkshire and the Humber, topped the list, with the average asking price for a home with a garage in this area standing at £180,000 — £30,000 more than the asking price of a typical property. This was closely followed by Blackpool, in the North West, where the average asking price for a home with a garage is £185,000, compared to an asking price of £139,500 for the typical property. Read more: UK house prices rise for the first time since January Barking and Dagenham and the borough of Bexley were both found to be the areas with the cheapest average asking prices for homes with a garage, at £500,000. However, Zoopla found that demand for these types of homes in Bexley was lower and the asking price of a typical home in the borough was £450,000. Daniel Copley, consumer expert at Zoopla, said: "Our data paints a clear picture: for many homebuyers, a garage isn't just a nice-to-have, it's a serious priority, consistently ranking as one of the most sought-after features on Zoopla." "The intense demand we're seeing in areas like Barking and Dagenham, and Leicester, very much underscores the premium buyers are willing to pay for that secure parking or extra space, particularly in densely populated urban centres where parking is often a headache." Toby Leek, president of estate agents' professional body NAEA Propertymark, said: "There is a continued increase in people looking for garages and parking spaces as the number of drivers on the road rises, and trends such as having space for electric vehicle charging at home grows in popularity. "Alongside this, the surge in desire for outside space post-pandemic is pushing more buyers to pursue larger properties with driveways, garages and gardens, moving away from apartments and flats." Read more: Pension funds deal to back £50bn of investment for UK private markets and infrastructure Bank of England interest rate-setters want inflation down before more cuts Why it's important to plan for retirement with your partner
